Prospectus Adagio 7 march 2017

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H2O ADAGIO
PROSPECTUS
DATED 7 MARCH 2017
I GENERAL FEATURES
 NAME: H2O ADAGIO
Hereinafter referred to in this document as “the Fund” or “UCITS”.
 LEGAL FORM AND COUNTRY IN WHICH THE UCITS WAS ESTABLISHED:
French mutual fund.
 INCEPTION DATE AND EXPECTED DURATION:
The Fund was created on 23 August 2010 for a period of 99 years.
 DATE OF APPROVAL BY AMF:
The Fund was approved by the Autorité des marchés financiers (AMF), the French Financial Markets
Authority, on 6 August 2010.
 SUMMARY OF THE MANAGEMENT OFFERING:
Unit
classes
Target subscribers Minimum initial
subscription
Minimum
subsequent
subscription ISIN code Allocation of
distributable
income
Base
currency
Initial
net
asset
value
R (C)
unit
All subscribers,
although private
individuals in particular
1 ten-thousandth
of a unit
1 ten-
thousandth of
a unit
FR0010923359 Accumulation EUR
EUR 100
HUSD-R
(C) unit*
All subscribers,
although private
individuals in particular
1 ten-thousandth
of a unit
1 ten-
thousandth of
a unit
FR0011981745 Accumulation USD USD
100
HCHF-R
unit
(C)***
All subscribers,
although private
individuals in particular
1 ten-thousandth
of a unit
1 ten-
thousandth of
a unit
FR0011981752 Accumulation CHF CHF
100
HSGD-R
(C)
unit**
All subscribers,
although private
individuals in particular
1 ten-thousandth
of a unit
1 ten-
thousandth of
a unit
FR0011981711 Accumulation SGD SGD
100
HGBP-R
(C)
unit****
All subscribers,
although private
individuals in particular
GBP 100
1 ten-
thousandth of
a unit
FR0012489730 Accumulation GBP GBP
100
I (C) unit
All subscribers,
although institutional
investors in particular
EUR 100,000
1 ten-
thousandth of
a unit
FR0010929794 Accumulation EUR
EUR 50,000
I (C/D)
unit
All subscribers,
although institutional
investors in particular
EUR 100,000
1 ten-
thousandth of
a unit
FR0012916682 Accumulation /
Distribution EUR EUR
50,000
HUSD-I
(C)* unit
All subscribers,
although institutional
investors in particular
USD 100,000
1 ten-
thousandth of
a unit
FR0011981786 Accumulation USD USD
50,000
HCHF-I
(C)
unit***
All subscribers,
although institutional
investors in particular
CHF 100,000
1 ten-
thousandth of
a unit
FR0011981794 Accumulation CHF CHF
50,000
HSGD-I
(C)
unit**
All subscribers,
although institutional
investors in particular
SGD 100,000
1 ten-
thousandth of
a unit
FR0011981778 Accumulation SGD SGD
50,000
I-GBP
(C) unit
All subscribers,
although institutional
GBP 100,000
None
FR0012237477 Accumulation GBP
GBP
50,000
UCITS governed by European
Directive 2009/65/EC

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investors in particular
HGBP-I
(C)
unit****
All subscribers,
although institutional
investors in particular
GBP 100,000
1 ten-
thousandth of
a unit
FR0011981810 Accumulation GBP GBP
50,000
HAUD-I
(C)
unit*****
All subscribers,
although institutional
investors in particular
AUD 150,000
1 ten-
thousandth of
a unit
FR0013186756 Accumulation AUD AUD
100
N(C) unit
all subscribers, and
particularly individuals
investing through
distributors, financial
advisors, platforms or
other intermediaries
(collectively, the
“Intermediaries”),
under a separate
contract or a fee-
based contract
between the investor
and an intermediary
EUR 20,000
1 ten-
thousandth of
a unit FR0013186772 Accumulation EUR EUR
100
HJPY-I
(C)
unit******
All subscribers,
although institutional
investors in particular
JPY 15,000,000
1 ten-
thousandth of
a unit
FR0013186764 Accumulation JPY JPY
10,000
BMS (C)
unit****
All subscribers,
although institutional
investors in particular
GBP 100 000
None
FR0013239720 Accumulation GBP GBP
100
* Unit systematically hedged against EUR/USD exchange rate risk
** Unit systematically hedged against EUR/SGD exchange rate risk
*** Unit systematically hedged against EUR/CHF exchange rate risk
**** Unit systematically hedged against EUR/GBP exchange rate risk
***** Unit systematically hedged against EUR/AUD exchange rate risk
****** Unit systematically hedged against EUR/JPY exchange rate risk
 ADDRESS FROM WHICH THE LATEST ANNUAL REPORT AND INTERIM STATEMENT CAN BE OBTAINED:
The latest annual reports and portfolio statements will be sent to the unitholder within eight business
days of receiving a written request addressed to:
H2O AM LLP
10 Old Burlington Street
London W1S 3AG, United Kingdom
Email: [e-mail]
Further information may be obtained from H2O AM LLP at the above address, or from your usual
adviser.
II KEY PARTIES
 MANAGEMENT COMPANY:
H2O AM LLP
Legal form: Limited liability partnership under English law.
Authorised by the Financial Conduct Authority of the United Kingdom under number 529105
10 Old Burlington Street
London W1S 3AG, United Kingdom
 DEPOSITARY, CUSTODIAN
Company name: CACEIS BANK
Legal form: Credit institution approved by the CECEI (French Credit Institutions and Investment Firms
Committee)

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Registered office: 1-3 Place Valhubert, 75013 Paris
Postal address: 1-3 Place Valhubert, 75206 Paris Cedex 13
The Depositary performs its duties in accordance with the applicable provisions of the laws and
regulation and the depositary agreement entered into with the Management Company. This includes
ensuring the lawfulness of the decisions of the Management Company. It must, if necessary, take any
protective measures it deems necessary. In case of dispute with the Management Company, it informs
the Financial Markets Authority.
The Depositary is independent from the Management Company.
The description of the delegated custody functions, the list of delegates and delegates of CACEIS
Bank in France and the information relating to conflicts of interest that may result from these
delegations are available on the website of CACEIS: www.caceis.com.
Updated information is made available to investors by the depositary upon request.
 CLEARING HOUSE:
Company name: CACEIS BANK
Legal form: Credit institution approved by the CECEI (French Credit Institutions and Investment Firms
Committee)
Registered office: 1-3 Place Valhubert, 75013 Paris
Postal address: 1-3 Place Valhubert, 75206 Paris Cedex 13
The Management Company has delegated to CACEIS Bank the Fund’s liability accounting and unit
registration functions which is thus responsible for the clearing and processing of subscription and
redemption requests relating to the Fund’s units.
 PRIME BROKER:
None
 STATUTORY AUDITOR:
Cabinet KPMG AUDIT
Represented by Mrs Isabelle BOUSQUIE
Registered office: Tour EQHO 2 Avenue Gambetta CS 60055 92066 Paris La Defense Cedex
 DISTRIBUTORS:
NATIXIS ASSET MANAGEMENT
Legal form: Limited Liability Company (Société Anonyme) approved as a management company under
number GP90009 dated 22 May 1990
Registered office: Immeuble Grand Seine, 21 Quai d’Austerlitz, 75013, Paris
Postal address: Immeuble Grand Seine, 21 Quai d’Austerlitz, 75634 Paris Cedex 13, France
Nationality: French
The marketing agent is the entity that markets the Fund. The Fund’s Management Company would
like to remind subscribers that not all marketing agents are appointed by or known to the company.
 REPRESENTATIVES:
Party responsible for accounting:
Company name: CACEIS Fund Administration, which provides the Fund’s accounting management
and valuation on behalf of H2O AM LLP
Registered office: 1-3 Place Valhubert, 75013 Paris
Postal address: 1-3 Place Valhubert, 75206 Paris Cedex 13, France
Nationality: French
III OPERATING AND MANAGEMENT CONDITIONS

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1 General features:
 CHARACTERISTICS OF THE UNITS:
♦ Rights associated with the class of units:
Each unitholder has co-ownership rights proportional to the number of units held.
Information on changes affecting the Fund is communicated to shareholders by any means in line with
the instructions of the Autorité des Marchés Financiers, the French Financial Markets Authority,
hereinafter “the AMF.” Management of the Fund, which has no corporate personality and for which the
rules concerning undivided ownership and companies have been waived, is carried out by the
Management Company acting on behalf of the unitholders and in their exclusive interest.
♦ Entry in a register, or establishment of procedures for liability accounting:
Liability accounting is handled by CACEIS BANK.
The units are administered by EUROCLEAR France.
♦ Voting rights:
The units do not carry any voting rights. Management of the Fund is carried out by the Management
Company, which acts on behalf of the holders and in their exclusive interest.
The Management Company’s voting policy may be consulted at the Management Company’s
registered office or at www.h2o-am.com.
♦ Type of units: bearer
♦ Division of units:
R (C), HSGD-R (C), HUSD-R (C), HCHF-R (C), HGBP-R (C) units and I (C), I (C/D), HSGD-I (C),
HUSD-I (C), HCHF-I (C), I-GBP (C), HGBP-I (C), HAUD-I (C), N (C), HJPY-I (C) and BMS (C) units
are split into ten-thousandths of a unit.
 FINANCIAL YEAR END:
Last trading day in September.
The end of the first financial year was the last trading day in September 2011.
 INFORMATION ON THE TAXATION SYSTEM:
The Fund is not subject to taxation in and of itself. Depending on your tax system, any capital gains
and income related to the holding of any UCI shares or units may be subject to taxation. The
applicable tax system therefore depends on the tax provisions regarding the unitholder’s individual
situation and place of residence. Investors are advised to consult their usual financial advisors for
information on the procedures that personally apply to them. We recommend that you seek advice on
this matter.
2 Specific provisions
 ISIN CODE:
Units ISIN code
I (C) unit FR0010929794
I (C/D) unit FR0012916682
HSGD-R (C) unit FR0011981711
HUSD-R (C) unit FR0011981745
HCHF-R (C) unit FR0011981752

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HGBP-R unit FR0012489730
HSGD-I (C) unit FR0011981778
HUSD-I (C) unit FR0011981786
HCHF-I (C) unit FR0011981794
HGBP-I (C) unit FR0011981810
I-GBP (C) unit FR0012237477
R unit FR0010923359
HAUD-I (C) unit FR0013186756
N (C) unit FR0013186772
HJPY-I (C) unit FR0013186764
BMS (C) unit FR0013239720
 CLASSIFICATION:
Bonds and other international debt securities.
 MANAGEMENT OBJECTIVE:
For R, I (C), I (C/D) and N units
The Fund’s objective is to outperform the daily capitalised EONIA index by 1% per year over its
minimum recommended investment period for I (C) and I (C/D) units, by 0.60% per year over its
minimum recommended investment period for the R unit, and by 0.90% per year over its minimum
recommended investment period for the N unit, after the deduction of management and operating
fees.
For HUSD-I and HUSD-R units
The management objective is to outperform the 1-month USD LIBOR (London Interbank Offered Rate)
by 1% over its minimum recommended investment period for HUSD-I units and by 0.60% over its
minimum recommended investment period for HUSD-R units, after the deduction of management and
operating fees.
For HCHF-R and HCHF-I units
The management objective is to outperform the 1-month CHF LIBOR (London Interbank Offered Rate)
by 1% over its minimum recommended investment period for HCHF-I units and by 0.60% over its
minimum recommended investment period for HCHF-R units, after the deduction of management and
operating fees.
For HSGD-I and HSGD-R units
The management objective is to outperform the 1-month SIBOR (Singapore Interbank Offered Rate)
by 1% over its minimum recommended investment period for HSGD-I units and by 0.60% over its
minimum recommended investment period for HSGD-R units, after the deduction of management and
operating fees.